{"id":949,"date":"2012-03-12T12:46:43","date_gmt":"2012-03-12T12:46:43","guid":{"rendered":"http:\/\/www.indataweb.com\/?p=949"},"modified":"2024-09-20T10:40:24","modified_gmt":"2024-09-20T18:40:24","slug":"56-percent-of-respondents-said","status":"publish","type":"post","link":"https:\/\/www.indataipm.com\/56-percent-of-respondents-said\/","title":{"rendered":"56 Percent of Respondents Said &#8230;"},"content":{"rendered":"<p>&#8230;. they&#8217;re not confident in their accounting systems.<\/p>\n<p>I\u2019m always skeptical when I see a press pickup of industry surveys conducted by vendors. Case in point; a survey, released last week by a buy-side tech vendor, noted that the majority of participants \u201clacked confidence\u201d (translation: are not happy) with their portfolio accounting systems. Diving deeper, you realize it\u2019s hardly comprehensive &#8211; the total sample was only 58 buy-side firms and 100 \u201cexecutives.\u201d<\/p>\n<h2><span data-sheets-root=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Outdated Technology Platforms&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}\">Outdated Technology Platforms<\/span><\/h2>\n<p>That said, this survey does prove a point: there are many legacy systems still out there, making it no wonder that there\u2019s a lack of confidence. With that, we put together a short list of vendors (names withheld) that we consider to have legacy systems (with a certain amount of humor added, however, the points raised are all 100% true). Using a common-sense definition of legacy, the systems listed below are antiquated because they use obsolete technology platforms and because little to no new functionality has been added to keep the systems up to date with a changing industry and regulatory environment. Here we go:<\/p>\n<p>1 &#8211;\u00a0the portfolio accounting vendor with the flat file database format that makes its money selling upgrades to a SQL database-based version (though not all of it is even SQL!)<\/p>\n<p>2 &#8211;\u00a0the vendor with the blue screen. Yes, the dreaded blue screen. Hardly a modern user interface, although an alleged windows \u201cwrapper\u201d has been coming for years. Still have yet to see it.\u00a0This same vendor owns another portfolio accounting system which has not had any new or significant functionality enhancements since said vendor bought it.<\/p>\n<p>3 &#8211; the financial software conglomerate that is currently acquiring companies left and right and invests little to nothing in new functionality.\u00a0Instead, it pushes to \u201clink\u201d the bought portfolio accounting system to other products it can sell to its new \u201ccaptive\u201d client base.<\/p>\n<p>4 &#8211; the other financial software conglomerate that\u00a0has fallen on hard times lately, since most of its revenues come from the sell-side. While focusing on this business, they lost much of their buy-side portfolio accounting system business.<\/p>\n<p>If you dig a little deeper into the buy-side using a common sense definition of legacy, a lot of legacy systems and vendors emerge. In today\u2019s environment, investment management firms can\u2019t afford to hold on to their legacy portfolio accounting systems, as they\u2019ll risk falling behind competitors, or worse, running amuck based on the lack of checks and balances as well as the lack of transparency contained in old technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A survey, released last week by a buy-side tech vendor, noted that the majority of participants \u201clacked confidence\u201d (translation: are not happy) with their portfolio accounting systems. This survey proves a point: there are many legacy systems still out there.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2023-09-07 15:26:49","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","content-type":"","footnotes":""},"categories":[100,46,37,41],"tags":[],"class_list":["post-949","post","type-post","status-publish","format-standard","hentry","category-blog-articles","category-legacy-systems","category-other","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>56 Percent of Respondents Said ... | INDATA<\/title>\n<meta name=\"description\" content=\"A recent survey states 56 percent of respondents said they&#039;re not confident in their accounting systems.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.indataipm.com\/56-percent-of-respondents-said\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"56 Percent of Respondents Said ... | INDATA\" \/>\n<meta property=\"og:description\" content=\"A recent survey states 56 percent of respondents said they&#039;re not confident in their accounting systems.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.indataipm.com\/56-percent-of-respondents-said\/\" \/>\n<meta property=\"og:site_name\" content=\"INDATA\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-12T12:46:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-20T18:40:24+00:00\" \/>\n<meta name=\"author\" content=\"David 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